Ann: THICK HIGH-GRADE DRILL HITS CONTINUE AT SOUTHERN NIGHTS, page-35

Hi Phuzzy, I would question getting rid of either JV at this stage. If you go to the PEX web site there is a significant amount of tenement ground that is incorporated in both JV's. Also a number of identified prospects on both tenements. At present we do not know enough about them, any one or more could be like the Endevour pit with 30 million ton of ore being extracted. Years ago the WA Govt. insisted on Hamersley Iron relinquishing  either Paraburdoo, Tom Price or Mt. Newman to BHP. They gave up Mt. Newman. Bad mistake as it turned out to be the best resource of the three. At that stage Hamersley had not had the opportunity to drill to make an informed decision.
Happydays- that is significant information, well done. CBH may have their backs to the wall with depletion of their Cobar resource. No doubt with their infrastructure in place they will be keen to find alternate sources of ore. All the more reason for PEX to keep what we have. If we cannot afford to develop a JV the only way they can move is to make a TO of PEX. I am sure that SBM will take an interest if that was the case. To make a successful auction you need 2 bidders!